Question 3 Enak Rasa Sdn Bhd (ERSB) had the following inventory balances at the beginning and end of the year Beginning inventory (RM) Ending inventory (RM) Raw materials 50,000 30,000 Work in process 32,000 20,000 Finished goods 80,000 55,000 During the year, the company purchased RM70,000 of raw material and spent RM40,000 on direct labour. Other data: manufacturing overhead incurred, RM16,000; sales RM500,000RM16,000;; selling and administrative expenses, RM20,000. Required: (11 marks) a) Calculate cost of goods manufactured. b) Calculate cost of goods sold. c) Determine ERSB's net income. (4 marks) (5 marks) (Total: 20 Marks)